A tax avoidance scheme which also placated a twitter argument about his contributions. Unsurprising.
Might be a conflict of interest here.
Than your purview of 'charitable' work includes coaxing Oxford to not open source vaccines to the developing World in order or profit from the largess that big pharama reaped during the pandemic [0] and subsequently caused a lot of unnecessary deaths? That isn't even including their aggressive consolidation of arable farm land in the US with clear ties to large pharma and chemical corps under the auspices of their foundation and ties to the WHO.
And I'm not even going to delve into the Epstein relationship Bill had which included trips to pedophile island.
If so, you should really look into what you deem as 'charitable work' tbh.
0: https://www.wired.com/story/opinion-the-world-loses-under-bi...
I.E.- I might buy a house, and then have my charity buy a huge amount of land around it as an investment, to effectively turn my 1 acre homesite into a 100 acre estate
Maybe I'd have my charity teach at-risk children to ride horses, so I could build some nice pastures and have horses in my front yard.
Of course- the professional landscapers who my charity hires to maintain the grounds would probably cut me a pretty good deal on doing my personal estate as well, while they're out there
And maybe my executive assistant who runs my horse charity would pick up my dry cleaning now and again
At some point, if you earn enough, you exchange money for time. You no longer need a job, and can spend your days as you wish because the stuff that you need is covered.
And then beyond that, when you are free and have no risk, what do you spend money on? There comes a point where ultra wealthy people spend it on power, control, and influence. If the money is taxed, it is no longer available to you to spend. But, if there were a way to shift it to a place where you could direct it in ways that you want for causes, power, or influence, then it remains effectively in your control. He didn't lose the money. He may lost his ability to use it to buy himself stuff, but he doesn't want stuff at this point.
It does nothing to preserve your own wealth even if it goes to a charity you control. It's no longer your wealth and unless you want to do something illegal its not coming back to you and can't benefit you.
This is peak naivity - you are totally wrong.
Exanple one - charity can make political donations. Example two - can hire lobbyists. Example three - it can buy voting shares in companies you want to control. Example four - it can hire your family members or friends and pay them salaries.
https://www.fec.gov/help-candidates-and-committees/candidate....
> Incorporated charitable organizations—like other corporations—are prohibited from making contributions in connection with federal elections. Unlike most other corporations, charities face additional restrictions on political activity under provisions of the Internal Revenue Code.
> Example three - it can buy voting shares in companies you want to contro
https://www.infinitegiving.com/blog/nonprofit-investing
> to avoid violating U.S. Securities and Exchange Commission (SEC) regulations, your investments should not benefit your nonprofit’s employees or board members.
> Exanple one - charity can make political donations
Under the Internal Revenue Code, all section 501(c)(3) organizations are absolutely prohibited from directly or indirectly participating in, or intervening in, any political campaign on behalf of (or in opposition to) any candidate for elective public office. Contributions to political campaign funds or public statements of position (verbal or written) made on behalf of the organization in favor of or in opposition to any candidate for public office clearly violate the prohibition against political campaign activity. Violating this prohibition may result in denial or revocation of tax-exempt status and the imposition of certain excise taxes.
> Example two - can hire lobbyists
In general, no organization may qualify for section 501(c)(3) status if a substantial part of its activities is attempting to influence legislation (commonly known as lobbying). A 501(c)(3) organization may engage in some lobbying, but too much lobbying activity risks loss of tax-exempt status.
> Example three - it can buy voting shares in companies you want to control
Which will lead to your tax-exempt status being revoked if it looks like you're doing business.
> Example four - it can hire your family members or friends and pay them salaries.
Which you can already do with your existing companies.
Evidently I dont understand the mechanism, but apparently charities can be used for political purposes:
https://www.politico.com/news/2022/11/16/two-anonymous-425-m...
is this really true?
Your own charity can pay for your personal vacations and travel?
Do you have a source for that?
Lots of ways to get what you want through qualified, albeit non frugal, business expenses.
So no benefit or difference here. You just need to be willing to relax your morals and hope you don't get caught by the IRS.
Except this foundation will exist until the end of time and who knows how long tesla will be around.